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LLY

Eli Lilly

$135.93 /

+2.18 (+1.63%)

, DERM

Dermira

$18.33 /

+0.76 (+4.33%)

06:33
01/10/20
01/10
06:33
01/10/20
06:33

Eli Lilly agrees to acquire Dermira for $18.75 per share, or about $1.1B in cash

Eli Lilly (LLY) and Dermira (DERM) announced a definitive agreement for Lilly to acquire Dermira for $18.75 per share, or approximately $1.1B, in an all-cash transaction. Dermira is a biopharmaceutical company dedicated to developing new therapies for chronic skin conditions. The acquisition will expand Lilly's immunology pipeline with the addition of lebrikizumab, a novel, investigational, monoclonal antibody designed to bind IL-13 with high affinity that is being evaluated in a Phase 3 clinical development program for the treatment of moderate-to-severe atopic dermatitis in adolescent and adult patients, ages 12 years and older. Lebrikizumab was granted Fast Track designation from the FDA in December 2019. The acquisition of Dermira will also expand Lilly's portfolio of marketed dermatology medicines with the addition of QBREXZA cloth, a medicated cloth approved by the FDA for the topical treatment of primary axillary hyperhidrosis. Under the terms of the agreement, Lilly will commence a tender offer to acquire all outstanding shares of Dermira, Inc. for a purchase price of $18.75 per share in cash, or approximately $1.1B. The transaction is not subject to any financing condition and is expected to close by the end of the first quarter of 2020, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Dermira's common stock. Following the successful closing of the tender offer, Lilly will acquire any shares of Dermira that are not tendered into the tender offer through a second-step merger at the tender offer price. The purchase price represents a premium of approximately 86% to the 60-day volume-weighted average trading price of Dermira's stock ending on January 9, the last trading day before the announcement of the transaction. Dermira's board unanimously recommends that Dermira's stockholders tender their shares in the tender offer. Additionally, certain Dermira stockholders, beneficially owning approximately 13% of Dermira's outstanding common stock, have agreed to tender their shares in the tender offer. This transaction will be reflected in Lilly's financial results and financial guidance according to GAAP. Lilly will provide an update to its 2020 financial guidance, including the expected impact from the acquisition of Dermira, as part of its fourth-quarter and full-year 2019 financial results announcement on January 30.

LLY

Eli Lilly

$135.93 /

+2.18 (+1.63%)

DERM

Dermira

$18.33 /

+0.76 (+4.33%)

  • 27

    Jan

  • 30

    Jan

  • 10

    Feb

LLY Eli Lilly
$135.93 /

+2.18 (+1.63%)

01/08/20 Piper Sandler
Eli Lilly still has edge over Blueprint in RET+ lung cancer, says Piper Sandler
12/30/19 Argus
Eli Lilly price target raised to $165 from $145 at Argus
12/20/19 Stifel
Stifel says Lexicon 'missed opportunity' with sotagliflozin data
12/18/19
Fly Intel: Top five analyst upgrades
DERM Dermira
$18.33 /

+0.76 (+4.33%)

11/05/19 SVB Leerink
Dermira price target lowered to $15 from $23 at SVB Leerink
06/06/19 Mizuho
Dermira upgraded to Buy from Neutral at Mizuho
04/18/19 Cantor Fitzgerald
Cantor sees 'golden egg' potential in Dermira, boosts price target to $25
04/18/19 Cantor Fitzgerald
Dermira price target raised to $25 from $20 at Cantor Fitzgerald

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